Sally Ho's Technical Analysis 22 August 2019

Bitcoin (BTC/USD) added to its recent positive sentiment early in today’s Asian session as traders continued to battle with some important technical levels that will define the market’s short-term bias. Notably, market activity continues to make strides above the psychologically-important 10,000 figure as traders continue to push towards the 11,000 figure. The market’s recent bounces above key levels including the 9,765/ 9,938/ 10,268/ 10,646 areas have been supportive of price activity over recent trading sessions.

Traders have been attempting to establish a foothold above the 50-bar MA (4-hourly) for several sessions, and traders are attempting to test the 100-bar MA (4-hourly). In order to advance higher, traders will need to establish some Bids above the 100-bar MA (4-hourly). Also, traders have been attempting to gain traction above the 200-bar MA (hourly), and it appears the 50-bar MA (hourly) and 200-bar MA (hourly) are converging. Upside price targets include the 11,032 and 11,175 levels.

Price activity is nearest the 100-bar MA (4-hourly) at 11,053.42 and the 200-bar MA (Hourly) at 10,575.83.

Technical Support is expected around 9,765.93/ 9,265.49/ 8,919.72 with Stops expected below.

Ethereum (ETH/USD) reclaimed the psychologically-important200.00 figure recently and traders attempted to add to gains early in today’s Asian session, a couple of days after traders absorbed that level for the first time since 14 August. Traders have been attempting to establish buying pressure above the 50-bar MA (4-hourly), with Bids having recently kept the pair supported around the 196.21 level. Technicians continue to assess market sentiment and short-term bias, as the pair continues to trade between the 50-bar MA (4-hourly) and 100-bar MA (4-hourly).

Above those levels, the 200-bar MA (4-hourly) continues to represent technical Resistance. Chartists are looking to see if the pair can remain Bid above the 196.15 level, representing the 76.4% retracement of the move from 144.15 to 364.49. A very important level that chartists are watching is the 202.27 level, representing the 61.8% retracement of the move from 148.81 to 288.77. Another important area remains the 209.75 level, representing the 23.6% retracement of the 627.83 – 80.60 range. The 217.55 and 218.79 areas remain important technical levels.

Price activity is nearest the 50-bar MA (4-hourly) at 196.14 and the 200-bar MA (Hourly) at 196.03.

Technical Support is expected around 191.40/ 183.33/ 178.47 with Stops expected below.